Need a hand?

Revolut accrues and pays you interest on your savings balance daily. However, as required by Australian tax law, if you do not provide your TFN, we're required to withhold 47% of your interest income before it's credited to your Instant Access Savings.

Interest accrues daily, but if your net interest is less than $0.01 (after tax is withheld), it won't be paid until the cumulative interest exceeds this amount.

Rates are variable per plan. For more details about the tax on your Instant Access Savings, read this FAQ.

Consider a balance of $1,000 with a 3.00% per annum (p.a.) interest rate, compounded daily, and subject to 47% tax withholding:

• Interest accrued: $1,000 * 3.00% / 365 = $0.08219
• Gross interest: $0.08 (remaining $0.00219 interest keeps accruing until it reaches $0.01)
• Tax accrued: $0.08 * 47% = $0.0376
• Tax withheld: $0.03 (remaining $0.0076 tax keeps accruing until it reaches $0.01)
• Net interest paid after tax: $0.08 - $0.03 = $0.05
• New balance: $1,000 + $0.05 = $1,000.05

• Interest accrued: $1,000.05 * 3.00% / 365 = $0.08220
• Gross interest: $0.08 (remaining $0.0220 added to previous accrued interest $0.00219 = $0.00439)
• Tax accrued: $0.08 * 47% = $0.0376
• Tax withheld: $0.03 + $0.01 = $0.04 (remaining $0.0076 from tax accrued added to previous accrued tax $0.0076 = $0.0152, $0.01 reached and now applied)
• Interest paid after tax: $0.08 - $0.04 = $0.04
• New balance: $1,000.05 + $0.04 = $1,000.09